Bitcoin continues to chop and drift lower. The monthly line is about to close—look for chances to go long on short-term dips.

Bitcoin is closing its monthly line today. It’s a foregone conclusion that the monthly candle will close as a bearish candle.

At the weekly level, technical indicators show a bearish trend. The MACD and KDJ are both forming death crosses and continuing to disperse downward.

At the daily level, the price is moving in a range along the lower Bollinger Band, showing a trend of oscillation and base-building.

At the 4-hour level, oscillation is relatively weak. After the 59000 level was probed downward multiple times, each time it was recovered.

At the 1-hour level, the Bollinger Bands keep opening downward. The short term needs to probe for a bottom—don’t chase shorts at low levels. For short-term pullbacks, go long on dips.

**Entry opportunity:** Long around 58850, target 59880-60750.